Singapore-based Ascendas to fund real estate projects in India

Mumbai, June 13 (UNI) Singapore-based real estate group Ascendas today launched a development fund 'Ascendas India Development Trust' (AIDT) aimed towards funding real estate projects in India.

The US 500 million dollar AIDT, which has a target asset of USD 1 billion, will invest in integrated development real estate projects in India, which includes industrial, residential and retail sectors.

The AIDT is the first development fund, to be launched by Ascendas, following the USD 250 million equity India IT parks trust launched in June 2005.

The launch of AIDT is timely against the backdrop of positive boom in India's real estate sector.

Ascendas CEO (India operations) Jonathan Yap said ''Company aims to grow the fund by capitalising on the strength of India's real estate sector and by investing in existing development projets in India.'' The company specalises in developing IT parks and in India, its portfolio comprises seven IT parks spread across five cities.

UNI